Decentralized Bitcoin trading, what not to ignore? If you want to trade Bitcoin, scalping, day trading or you are already doing it, here is some important information.
Decentralized Bitcoin trading, what is it and is it possible?
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In the news of decentralized finance, we talk a lot about NFT, Metaverse and other projects, but some people ask the question, is it possible to do decentralized trading and especially on Bitcoin?
While crypto-currencies can be used to purchase everyday items in some stores, they are more commonly traded as digital assets for investment profit.
Impressive profits can be made by buying and selling on crypto-currency exchanges. But prices can be very volatile, so you could lose a lot too.
Bitcoin trading is how you can speculate on the price movements of the crypto-currency without necessarily buying Bitcoin. This is because traditionally, you would have to buy Bitcoin via an exchange, hoping that its price would rise over time. But now, those days are over, currently, crypto-currency traders are increasingly using derivatives to speculate on the rise and fall of prices – in order to make the most of Bitcoin’s volatility and without having to actually buy Bitcoin.
This allows one to trade Bitcoin in one’s own way, scalping, day trading, swing trading as one would with an index or gold.
Some people have already made their experience with a broker, they had to send money, after opening an account, and proceed to a lot of so-called security measures before they could actually trade. Then, once they made money, they were confronted with the broker’s system of clawbacks.
In order to avoid all these procedures, and above all, in order not to need to trust a broker, by sending him his money, more and more traders are turning to decentralized trading.
At present, we can say that a good decentralized trading platform offers scalping, day trading and swing trading, as is the case with gains.trade.
Decentralized Bitcoin trading, the advantages:
The advantages of decentralized trading are obvious:
- no registration, no need to create an account
- high leverage if desired
- no sending money to a broker
- direct trading from your Metamask account, for example
- no need to apply to get your money back
You should know that on some platforms, you can do virtual trading, to familiarize yourself with the platform. Before you start trading for real, this option allows you to get used to the platform, which is recommended.
Another important point, you can also, on some decentralized trading platforms benefit from chat that allows you to communicate with other traders.
Therefore, yes, it is possible to trade Bitcoin on a decentralized trading platform and take advantage of the benefits offered by the blockchain and decentralization.
Now, you know, that when looking to trade Bitcoin, there is an alternative to using centralized exchanges to profit from the rise and fall of its price. You can trade on Bitcoin’s price movements via decentralized and leveraged trading.
For your information, it is possible to trade dozens of different cryptocurrencies as well as Forex.
Interested? Start trading immediately with a few dollars or Euro, test for yourself, start now
Decentralized Bitcoin Trading
Bitcoin trading: should we refrain from taking a position or on the contrary, is it the right time to take a position. If the price remains above the $23,000 area, then we can hope for a bounce towards $26,000 – $27,000 and then go for $29,000.
The chart is very clear, it is becoming bullish in the short to medium term, but to be sure, we would need $23,100 to become solid support. We have two price zones to watch, the first one we’re in right now, the $23,000, the second one being at $21,000. If these two areas give way, then it’s back to below $20,000.
Decentralized Bitcoin daily trading, technical analysis:
The area to watch is the $21,000 to $23,000 area as support and then the $24,000 area which will be an important resistance area. If we manage to get past $25,000 with volume, then we can hope to reach the $26,000 to $27,000 area and then aim for $29,000.
To become bullish again, we would have to manage to stay above 23,000 – 24,000 and defend this price as support. We can see that for the moment this is the case, but it requires more confirmation. Therefore, the decline is not necessarily behind us yet.
Beware, if the $21,000 area gives way, we go directly to $18,000 and then to $16,000 and $14,000. It is therefore important that the price remains above $23,000 and in the worst case above $21,000, and that this area becomes a solid support.
In the 21,000 to 24,000 range, daily volatility can be high, so be careful, because as long as we have not passed the previous high, anything is possible, the movements can be violent, choose your entry point carefully. To position now is a choice, if you invest on the long term, it can be a good price, if on the other hand you trade with a leverage, then be careful, because the risk that the price goes down remains high.
Beware, you have to wait until you go above 24,000 – 25,000 (bullish) and have closed above this price at least once to take a short or medium term buy position with a near certainty, otherwise it is possible to do intra-day scalping. For the bears, going below $21,000 would be a strong sign.
Decentralized trading – no registration
This is not a trading tip, it is just a perspective that may be of interest to you to help you assess the current market situation for yourself.